Updated from 10:41 a.m. EST to provide analyst comments in the 11th paragraph.NEW YORK ( TheStreet) -- Apple (AAPL - Get Report) is set to report second-quarter earnings, and while the expectations are heightened given the lagging stock price, perceived lack of innovation and concerns about its cash hoard, it isn't all bad at Apple.
Analysts polled by Thomson Reuters expect the tech giant to earn $10.01 per share on $42.31 billion in revenue. Analysts surveyed by Estimize are looking for earnings of $10.70 per share on $42.76 billion in sales. There is a perceived notion in the market place that the iPhone 5 is not a major technological advancement over the iPhone 4 and iPhone 4S. The iPhone numbers from Verizon (VZ) tend to support that notion, with 50% of the iPhone mix being iPhone 5 units, lower than some were forecasting. AT&T (T) reports after the close today as well, so there will be no iPhone read from AT&T in this quarter that can help prior to Apple's report.
While Apple generates over 50% of its revenue from the iPhone, the iPad may be the bigger market, in terms of overall users. In the past, CEO Tim Cook has said the iPad has a bigger opportunity, as tablets continue to eat away at PC sales. Research firm IDC showed the iPad had the lead in the tablet market at the end of the fourth-quarter 2012, at 51%.